On August 20, during a meeting at the White House with executives from the cryptocurrency industry and financial institutions, U.S. President Trump urged Congress to pass a 'fair version' of the Clarity Act, aimed at establishing a clearer regulatory framework for digital assets. Trump stated that the legislation would help the U.S. maintain its leading position in the cryptocurrency sector and open up space for the next wave of innovation and entrepreneurship. He emphasized the need for clear regulatory rules to prevent crypto companies from relocating overseas due to policy uncertainty. The meeting included executives from several crypto and financial firms such as Coinbase, Ripple, Robinhood, Kraken, Chainlink, and Gemini, as well as SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and White House crypto advisor Patrick Witt. The Clarity Act aims to clarify the roles of the SEC and CFTC in the regulation of digital assets and to establish a federal-level regulatory framework for the cryptocurrency market. The bill is expected to be resubmitted to the Senate for consideration in September, with Republicans needing to secure support from about six Democratic senators to reach the 60 votes required for passage. Additionally, Trump highlighted that his administration has promoted various crypto-related policies, including a strategic Bitcoin reserve, a digital asset reserve program, a ban on U.S. central bank digital currency (CBDC), and the Clarity Act. Previously, the SEC had proposed new rules for cryptocurrency asset issuance, planning to provide regulatory exemptions for certain token offerings to lower the financing threshold for eligible crypto projects.
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Trump Urges Congress to Pass 'Fair Version' of the Clarity Act
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